What is a mortgage offset account?

< Return to Home Loan FAQs

An offset account is a transaction account that is linked to your home loan*. You can deposit and withdraw money from this account, just like a regular everyday account.

The balance in your mortgage offset account is offset against the amount owing on your linked home loan.

For example, if you have a home loan of $400,000 and $20,000 in your offset account, you’ll only be charged interest on a loan balance of $380,000 ($400,000 - $20,000).

A mortgage offset account means you could potentially save thousands of dollars on interest repayments, taking years off your home loan.

For full fees & charges, please review our Guide to Mortgage Offset Account.

^* Mortgage Offset must be opened in at least one of the same names as the borrower’s loan account.